- December 31, 2020
- Posted by: Co-working Consultacy
- Categories: Competitive research, Coworkingspace
Extensive Planning, Hard work and perseverance are key ingredients to expanding any business and expanding a coworking business is no different.
In this blog, we are going to list out some of the key points that you must consider before expanding your Coworking business.
Analyse your present business
Before you even think about expanding your coworking business, you must first put all your effort in analysing your present business. Here are a few questions that you need to ask yourself before you plan to expand your present business:
- Is my present business stable?
- Does my Coworking business generate enough cash flow or revenue to support my present business as well as provide for the expansion?
- Do I need to hire new people?
- Is this the right time to expand?
After you have analysed your business, now it’s time to do some market research.
Choose The Correct Location
Choosing the right location to expand your business is the next most important step of your expansion process. Do not choose a location just because it is cheap. Ensure that there is scope for further growth and expansion in the location of your choice. Our advice would be to hire a local firm that will guide you through this process. In fact, Propques can help you with this process through its vast network of landlords in different cities across India.
Do Your Market Research
You must research the market that you are planning to expand your Coworking business in. When you conduct successful market research, you will learn the following.
- Potential costumers
- How large is your target market?
- How often do your costumers use your service?
- Competition in the market
- What strategies are your competitors using?
Create a business plan
In the business world change is inevitable. Your existing business model might be working absolutely fine in your current location but it may fail once you expand. Therefore, you must adapt to the changes in the market and create a business plan that considers all these changes. Don’t just stick to a single plan. Stimulate all the possible scenarios in your mind and make plans for each scenario. That way, you will always have a backup plan if anything goes wrong.
Now that you have done your market research and created plans, it is time to devise different strategies which you can use to start your expansion. Your strategies will become the deciding factor for the impact you will make among your competitors once you expand.
Consider your personnel
As you start your expansion you will need a strong team of managers and HR professionals to manage the transition as you begin to grow. You will also need to consider how many employees you need depending on the size of your expansion. Hiring new staff and bringing a host of new faces can be unsettling for your current employees, so you need to be sure that the recruitment strategies are being used effectively and that employees with the right set of skills are hired.
The Bottom Line
Expanding your coworking business will not seem such a complex task If done with the right amount of team-work and coordination. As James Cash Penney once said, “Growth is never by mere chance; it is the result of forces working together.” It is just a matter of doing the right thing at the right time.